South Korean shipper STX Pan Ocean has been put up for auction with a sales notice in October 1.
According to Reuters reports, potential bidders for the bulk shipper will conduct due diligence during November 10-28, with binding bids due on December 11. The expected bid ranges from USD 570 to 660 million according to some unnamed investment banking sources of the Korea Economic Daily.
Pan Ocean entered court receivership in June last year, for the second time in two decades, after its parent company STX Group failed to sell the unit due to an ongoing downturn in the industry.
Pan Ocean managed to recover from the last year’s loss of 93.8 billion won this year recording an operating profit of 115.3 billion won in the first year half.
Founded in 1996, STX Pan Ocean also known as Pan Ocean Co Ltd provides maritime transportation and related services worldwide. Its operations revolve around four segments: Bulk Carrier Service, Container Service, Tanker Service, and Other Shipping Service. As of January 08, 2013, it operated owned fleet of 95 ships, including 59 bulk carriers, 20 tankers, 7 container ships, 6 car carriers, 2 semi-submersible heavy transport vessels, and 1 LNG carrier; and approximately 300 chartered ships.
Source: World Maritime News
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